PropTech start-up Howsy surpasses 900% of crowdfund goal
Posted on August 7, 2020 by Alistair Hardaker
Online property management platform start-up Howsy has raised more than £2m in its most recent crowdfund as the round draws to a close.
The London firm provides property management for UK landlords, offering the ability to find tenants through to repairs management and renewals.
Founded in 2016, it offers fixed-fee management cost in an effort to save landlords money as a cheaper alternative to high street lettings agents.
The company claims its a digital marketplace that removes traditional agents which it claims brings down the cost of managing a property by an estimated 75%.
At time of writing the firm is set to raise at least £2.27m via the Seedrs platform, which represents more than 900% of its original £250,000 target.
The firm, which has 7,000 properties on its Howsy marketplace, is made up of a team of 81, operating across two UK locations and a third in South East Asia. Hires include ex-PayPal, Zoopla and Microsoft professionals.
The firm generates revenue from charging a fixed fee from £39 per month outside London to £115 per month in London with additional insurance services provided.
It said it is now preparing to trial additional revenue services such as cleaning, furnishings, utilities, flower delivery and high-speed internet.
On Tuesday Calum Brannan, founder of Howsy announced to investors that the company had qualified for the government’s Future Fund, a support package for start-ups which will match the total raised.
Howsy said the investment funds will form part of a planned larger investment round in 2020, which in the short-term the funds will be used for working capital and growth marketing.